Natural Gas market under long liquidation; Support seen at 266.9
Crude Oil market under long liquidation; Support seen at 4015
MCX Silver may trade in a range between 36257-37017
MCX Mentha Oil under short covering
MCX Cotton under fresh buying; Resistance seen at 22380
Technically Gold market is under fresh selling as market has witnessed gain in open interest by 0.25% to settle at 8817.
Now Gold is getting support at 30715 and below same could see a test of 30609 levels and resistance is now likely to be seen at 30932, a move above could see prices testing 31043.
Gold prices inched up as the dollar slipped following reports that China delivered a written response to U.S. trade demand, and that the two nations resumed talks earlier in the week to diffuse their trade disputes.
Federal Reserve chairman Jerome Powell said in Dallas that the U.S. economy is “in such a good place right now” and that markets should be prepared that the central bank?could raise rates at any time starting in 2019. Powell reiterated the central bank is independent and would continue to do what is best for the U.S. economy.
His comments came after Trump accused the Fed of raising rates too fast during his administration. U.S. retail sales rebounded sharply in October as purchases of motor vehicles and building materials surged, likely driven by recovery efforts in areas devastated by Hurricane Florence.
The report from the Commerce Department also showed broad gains in sales ahead of the holiday shopping season, which bodes well for consumer spending and the overall economy as the fourth quarter gets under way. Retail sales increased 0.8 percent last month after a downwardly revised 0.1 percent dip in September.
The lowest unemployment rate in nearly 49 years is boosting wages, with annual wage growth recording its biggest increase in 9-1/2 years in October. Jobs market strength was underscored by a separate report from the Labor Department on Thursday showing a marginal increase in the number of Americans filing for unemployment benefits last week.
Trading Ideas:
–Gold trading range for the day is 30609-31043.
–Gold prices inched up as the dollar slipped following reports that China delivered a written response to U.S. trade demand.
–Federal Reserve chairman Jerome Powell said in Dallas that the U.S. economy is “in such a good place right now”.
–Powell reiterated the central bank is independent and would continue to do what is best for the U.S. economy.
Courtesy: Kedia Commodities
Source: Commodityonline.com
